Taunton, TA1 3EA | Investment Property for Sale | VES-TA1-001

Opportunity to purchase a 7-unit block in Taunton generating £38,940 rent pa & gross yield of 6.5%

£595,000

7-unit Block

VES-TA1-001

INITIAL INVESTMENT

£175,100

Based on

deposit: £148,750

stamp duty: £17,850

mortgage fees: £1,500

conveyancing fees: £7,000

GROSS RENT

£38,940

GROSS YIELD

6.5%

ADD TO FAVOURITES

Long-term tenant

Tenants that stay for long periods feel they have a stake in the property and are more likely to treat it as though it was theirs.

Benefits include:

  • Steady income
  • Minimised wear and tear
  • Fewer void periods

The block

TENURE

Freehold

NO OF UNITS

7

TENANCY STATUS

Tenanted

FURNISHED

No

TOTAL SQ FT

2,390

PRICE SQ FT

£249

Block information

  • Spread over 4 floors (basement to second)
  • The block comprises 7 units:
    • 2 x studio apartments
    • 5 x 1-bed apartments
  • The apartments range in size from 193 - 571 sqft
  • There is also a large rear garden
  • There is off-road parking at the front of the property for about 6-8 cars
  • EPC ratings C, D & E
  • Council tax band A
  • A number of tenants have been in situ for several years

Works carried out at the property

The vendor provided us with some details about works that were carried out at the property in recent years:

  • Flats 2 & 3 were fully refurbished in the last 12 months
  • Flat 1 was refreshed a few years ago
  • The whole roof was renewed around 15 years ago and is in excellent condition according to the vendor
  • The flats were fitted with new electric heaters in the last 1-2 years with individual meters for each heater, so tenants can be billed separately at cost price
  • The parking area at the front of the house has recently been re-graveled with Cotswold Stone
  • Several of the windows in the building were replaced with double-glazed windows
  • The windows at the front of the house however are still the original windows and were recently repainted

Rental information

  • At the time of listing all units are fully let
  • The vendor served notice to the tenants that rents will increase from 1 July
  • The new rental income therefore is:
    • Monthly rental income £3,245
    • Annual rental income £38,940
  • The rent for flat 2 includes electricity and water
  • All other flats pay an additional £12 pcm towards the water rates, which is not included in the above rental figures
  • Water is billed annually by Wessex Water and the most recent bill came to £1,007.20

Location information

  • The property is around 0.7 miles from Taunton town centre
  • There is a bus stop a short walk from the property with regular services into Taunton centre
  • Taunton railway station is around 1.5 miles from the property
  • There is a convenience store a few minutes walk from the property
  • Easy access to the M5 motorway

Floorplans

Documents available on request, please contact for viewings or further questions.

The information relating to this property is supplied by the vendor and was the latest available information at the time of listing. Certain information may expire or become inaccurate over time.

Vesta makes no warranty as to the accuracy or completeness of the property listing or any associated information. All information should be reviewed by the purchaser and their solicitor.

About Taunton, Somerset

Taunton is a town in Somerset in the south-west of England. It lies around 32 miles north-east of Exeter, 11 miles south-west of Bridgwater, 48 miles south-west of Bristol and 28 miles east of Yeovil.

The M5 motorway and its junctions 25 and 26 pass the town on the east side, connecting Taunton to Exeter and the Midlands. Other major roads through the town are the A38 and A358. With the A38 connecting Taunton to Bodmin and Mansfield, whilst the A358 cuts across Somerset and Devon, starting in Williton and ending near Seaton.

Taunton railway station is located on three lines, the Bristol to Exeter line, the Reading to Taunton line, and the Cross Country Route. The station is operated by Great Western Railway and served by CrossCountry with services to Manchester Piccadilly, Birmingham New Street, Cardiff Central, Bristol Temple Meads, London Paddington, Exeter St Davids, Plymouth and Penzance. Exeter and Bristol airports are both within 40 miles of Taunton.

Some of the local landmarks include Gray’s Almshouses, a Grade I listed building, St Margaret’s Almshouses, a Grade II listed building, Taunton Castle, Somerset County Museum and the Castle Hotel.

Taunton is located in between two Areas of Outstanding Natural Beauty, the Quantock Hills and Blackdown Hills. There are many places to discover including Netherclay Community Woodland, Thurlbear Wood, Bishops Lydeard, Minehead, Watchet, Wellington and Wiveliscombe.

The town itself has also plenty on offer and in addition to the usual high street shops there are a large number of independent retailers, some of which are long-established. There is also a weekly farmer’s market which is held on Thursday’s in the high street, offering local produce. Somerset County Cricket Club is also located close to the town centre.

Education in Taunton is provided by four state secondary schools, further education is offered by Richard Huish College, The Taunton Academy, and Bridgwater and Taunton College. There are also three co-educational independent schools as well as two special schools for young people with special educational needs.

The town is home of the United Kingdom Hydrographic Office (a Ministry of Defence body), Western Provident Association, Viridor and CANDAC. Other noteworthy employers are Musgrove Park Hospital, Somerset County Council, Somerset West and Taunton Council, Somerset College of Arts and Technology, University Centre Somerset and Hinkley Point Nuclear Power Plant. A number of professional services companies are also based at Blackbrook.

South Road,

Taunton,

Somerset,

England,

TA1 3EA

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